A loan of $20,000 is being paid by installments of $1,000 at the end of each six-month period and a smaller final paymen

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

A loan of $20,000 is being paid by installments of $1,000 at the end of each six-month period and a smaller final paymen

Post by answerhappygod »

A Loan Of 20 000 Is Being Paid By Installments Of 1 000 At The End Of Each Six Month Period And A Smaller Final Paymen 1
A Loan Of 20 000 Is Being Paid By Installments Of 1 000 At The End Of Each Six Month Period And A Smaller Final Paymen 1 (30.16 KiB) Viewed 87 times
do not use excel, please.
A loan of $20,000 is being paid by installments of $1,000 at the end of each six-month period and a smaller final payment made half a year after the last regular payment. The interest rate for the loan is a nominal interest rate of 6% convertible semiannually. Find the outstanding loan balance when the bor- rower has made payments equal to 75% of the original amount of the loan.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”